Expert: Lena DeMarco - 8/19/2009

Question
I am wondering which currency I am better off using in Puerto Morelos area? Should I be purchasing pesos ahead of time, or just use American there? We are planning to stay for 2 months, if that makes a difference at all. We would like to keep our costs down as much as possible, so if using certain currency makes a difference then I would like to do that. Thanks for being available to answer questions that I probably wouldn't get an answer to other wise.

Jake Bartsch

Answer
Hi Jake,
I do not see any problem using pesos, but I wouldn't begin to hoard them prior to leaving, you just don't want to have cash be your only method of funds. You will want to arrive with enough pesos to get you from the airport to your accommodations, and to buy the first night's provisions. Then the next day, head out and find an ATM to exchange money -- often the best exchange rates available. I think they have an HSBC ATM next to the grocery store in town, if I remember correctly...

I would check with your bank and find out if there is an additional fee to withdraw pesos from a Mexican ATM (if not, be sure to get the specific name of the bank and check to see where the closest branch is to where you are staying). Usually there isn't a huge fee, and this is the safest bet, so you are carrying a limited amount of cash on you. The entire Riviera Maya (this includes Puerto Morelos) is quite equipped with modern conveniences to cater to tourists, like ATM's & credit card machines.

Save credit cards for larger purchases where you might want some type of tracking/insurance... you will incurr an exchange rate fee but it will be worth it to have record of purchase for a significant item (art, etc.).

What I do recommend cash wise is to bring a chunk of $1's with you and use them for tipping and inexpensive taxi rides and purchases (under, say $5-10 or so) because you can negotiate a better overall price if you offer to pay in dollars (just settle on the amount of a taxi ride before you get in the car). Keep in mind that US Coin cannot be exchanged, so bring only bills.

Hope this helps!